Marshalls shares fall 7% despite ‘robust’ H1 results

Shares of Marshalls plc, the Elland, West Yorkshire-based stone and landscaping firm, fell about 7% on Thursday after it published “robust” results for the half year ended June 30, 2022, but warned “the macro outlook is becoming less certain due to geopolitical events driving up inflation and adversely impacting consumer confidence.”

Marshalls said revenue rose 17% to £348.4 million and adjusted profit before tax rose 13% to £44.6 million.

Interim dividend of 5.7p is an increase of 21% on 2021.

Marshalls CEO Martyn Coffey said: “Marshalls delivered a robust first half trading performance, demonstrating the strength of our business model and the benefits of greater diversification resulting from the transformational Marley deal completed in April 2022 and other acquisitions of recent years.

Looking forward, the board acknowledges that the macro outlook is becoming less certain due to geopolitical events driving up inflation and adversely impacting consumer confidence. 

“Notwithstanding this, the board’s expectations for the group as a whole remain in line with market expectations for the full year, with the more positive backdrop within Marshalls Building Products and Marley expected to balance the continuation of tougher trading conditions in Marshalls Landscape Products, which has greater exposure to the discretionary element of private housing RMI (repairs, maintenance and improvements.) 

Our strategy is underpinned by our strong market positions, established brands and focused investment plans to drive ongoing operational improvement.

“We remain confident that this will continue to deliver profitable long‑term growth and that we will be able to continue to manage inflation through the effective management of our supply chain.”

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